Norwest Venture Partners XII, LP - Nov 2, 2021 Form 4 Insider Report for Udemy, Inc. (UDMY)

Role
10%+ Owner
Signature
/s/ Ken Hirschman, by power of attorney for Norwest Venture Partners XII, LP
Stock symbol
UDMY
Transactions as of
Nov 2, 2021
Transactions value $
$0
Form type
4
Date filed
11/2/2021, 07:00 PM
Previous filing
Oct 28, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UDMY Common Stock Conversion of derivative security +11.6M +1275.17% 12.5M Nov 2, 2021 See footnote F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction UDMY Series C Convertible Preferred Stock Conversion of derivative security -10.1M -100% 0 Nov 2, 2021 Common Stock 10.1M See footnote F1, F3
transaction UDMY Series D Convertible Preferred Stock Conversion of derivative security -1.42M -100% 0 Nov 2, 2021 Common Stock 1.42M See footnote F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Norwest Venture Partners XII, LP is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Each share of Series C Convertible Preferred Stock automatically converted into Common Stock on a one-to-one basis immediately prior to the completion of the Issuer's initial public offering of Common Stock and had no expiration date.
F2 Each share of Series D Convertible Preferred Stock automatically converted into Common Stock on a one-to-one basis immediately prior to the completion of the Issuer's initial public offering of Common Stock and had no expiration date.
F3 The shares are held of record by Norwest Venture Partners XII, LP. Genesis VC Partners XII, LLC is the general partner of Norwest Venture Partners XII, LP, and NVP Associates, LLC is the managing member of Genesis VC Partners XII, LLC. Each of Promod Haque, Jeffrey Crowe, and Jon Kossow, who are co-chief executive officers of NVP Associates, LLC, may be deemed to share voting and dispositive power over the shares held by Norwest Venture Partners XII, LP. Each of the reporting entities and individuals disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.